BlackRock’s spot bitcoin ETF posts $527 million in net inflow, largest since mid-March
Quick Take
- BlackRock’s IBIT posted its highest net inflow since March 13, totaling $526.7 million.
- Collectively, ten U.S. spot bitcoin ETFs, excluding Bitwise’s BITB, attracted $533.57 million in net inflows.
BlackRock’s IBIT, the largest spot bitcoin exchange-traded fund in terms of net asset value, reported a net inflow of $526.7 million on Monday, its largest sum of fund intake since March 13.
Ten U.S. spot bitcoin ETFs, except for Bitwise’s BITB, drew in a total of $533.57 million net inflows yesterday, according to data from SoSoValue. IBIT’s inflow were followed by $23.72 million from Fidelity’s FBTC. Invesco and Galaxy Digital’s BTCO saw $13.65 million inflow, and Franklin Templeton’s bitcoin fund saw $7.87 million.
Meanwhile, VanEck’s HODL fund logged $38.37 million in net outflow. Remaining funds, including Grayscale’s GBTC and Ark Invest and 21Shares’ ARKB, reported zero flows for the day.
Spot bitcoin ETFs, approved in January this year, have accumulated net inflows worth $17.59 billion so far, and a total market capitalization of over $62 billion.
Bitcoin’s value inched down 0.55% in the past 24 hours to trade at $67,562, after breaking above the $68,000 resistance line on Monday.
In crypto’s latest milestone event, the U.S. Securities and Exchange Commission approved the registration forms for spot Ethereum ETFs from issuers, where funds are expected to go live on Tuesday afternoon.
While senior Bloomberg ETF analyst Eric Balchunas told The Block in May that the Ethereum ETFs may attract 10 to 15% of the assets that spot bitcoin ETFs received, Citigroup projected that the funds would accumulate between $4.7 billion and $5.4 billion in the first six months of trading.
The approval may also pave the way for more ETFs based on other altcoins, namely Solana. Issuers 21Shares and VanEck have filed forms for spot Solana ETFs, though market commentators said it is unlikely that they will be approved in the near future.
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